Caixa Seguridade has filed for a secondary share offering comprising the sale of 82.5 million common shares. The anticipated proceeds from the offering are approximately 1.32 billion reais ($227.94 million), with pricing set for March 19. Major financial firms are managing the transaction.
Caixa Seguridade, the Brazilian state-run insurance firm, has announced its filing for a follow-on share offering, which includes a secondary sale of stocks held by its controlling entity, Caixa Economica Federal. This development was anticipated following previous authorizations from Caixa, which owns over 80% of Caixa Seguridade, to proceed with the offering after extensive consultations.
The forthcoming offering will see the sale of 82.5 million common shares. With the stock closing at 15.99 reais per share at the end of the previous week, the total proceeds from the transaction are expected to be approximately 1.32 billion reais, equating to about $227.94 million. The pricing for this offering is scheduled for March 19.
Prominent financial institutions, including Itau BBA, Caixa Economica Federal, BTG Pactual, Bank of America, and UBS BB, have been appointed to manage the transaction, ensuring the offering is conducted smoothly and efficiently.
In summary, Caixa Seguridade’s decision to proceed with a secondary share offering is a strategic move following prior approvals from its major stakeholder, Caixa Economica Federal. The planned sale of 82.5 million shares at a significant total value underscores the company’s efforts to enhance its market position while leveraging the expertise of leading financial institutions in the management of this transaction.
Original Source: www.tradingview.com
